Sydney, 4 April 2013 - A vacant shop on Campbell Parade, moments from Bondi Beach, has been sold under the hammer for $1,760,000.
The 200sqm shop attracted over 60 bids, with eight groups attending the auction and six groups bidding.The competition pushed the sale price well above the $1,250,000 achieved for the adjoining strata retail suite of the same size just six months ago.
The property was sold by Tim Grosmann and Nicholas Heaton of CBRE.
Mr Grosmann said the property achieved the extraordinary result due to the competition between local eastern suburbs investors and international groups.He added that the price was pushed to its premium by the adjoining owner and an interstate potential owner-occupier from Melbourne.
The property occupies a prominent site, just metres from Bondi Beach and in the heart of Bondi’s eclectic shopping district.The new owner will look to lease the property.
For Australian/international news or global stories, follow us on Twitter.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website atwww.cbre.com.au.